Rates Spark: Steepening and room for more | Metals Mine

  • Rates Spark: Steepening and room for more

    From think.ing.com

    The US fiscal deficit for July came in at $291bn. Customs duties (includes tariffs) were $27bn, up from $7bn in June. Not exactly stunning, at least not yet (it's coming). Basically, spending growth continues to run ahead of growth in receipts, with corporate taxes down of note. The overall fiscal deficit is running at $1.6trn, compared with $1.5trn for the previous year to date. Overall, we feared a larger deficit than the market had anticipated, and we got exactly that. The CPI data came broadly in line, with 0.2% month-on-month headline and 0.3% month-on-month core. But core hit 3.1% year-on-year, which is not a ... (full story)

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